Thanks to the last-minute fiscal cliff deal, formally known as the American Taxpayer Relief Act, tax credits for energy-efficient systems are once again available. Homeowners who are interested in saving money on their energy bill while reducing their carbon footprint at the same time have through the end of 2013 to take advantage of these credits. Those who have already installed energy-efficient heating and cooling systems in 2012 can also, retroactively, take advantage of these credits.
Credits for heating and cooling systems Homeowners who install a high-efficiency air conditioner, heat pump, or water heater are eligible for a credit of up to $300, while those who install a new furnace or boiler can receive a credit of as much as $150. Here’s a breakdown of the specific tax credits for energy-efficient systems.
In each case, the credit is for 10 percent of the costs incurred, up to the given maximum.
Up to $300 for installing an efficient electric heat pump or central air conditioner
Up to $300 for installing an oil, natural gas, or propane water heater with an energy factor (EF) of 0.82 or thermal efficiency of 90 percent (minimums)
Up to $300 for installing a heat pump water heater with a minimum EF of 2.0 Up to $150 for installing an oil, gas, or propane furnace or hot water boiler with a minimum AFUE of 95 percent
Up to $50 for installing a system with an advanced main air circulating fan
For more information about tax credits for energy-efficient systems, or to determine which energy-efficient system is right for your home, contact the professionals at Pipe Works Services. Our team of experts has been serving residents in Morris, Union, Somerset, and Essex counties since 1999. Our goal is to help educate our customers in Chatham, NJ, and surrounding areas about energy and home comfort issues (specific to HVAC systems).